Cryptocurrency has changed lives and is still doing so. However, in the case of the crypto industry, every beautiful thing indeed has a scar.
Thousands have had their crypto stolen.
Top data analyst firm Elliptic, estimates that over $12 billion has been lost to DeFi scams in 2021. But investors have also lost billions to wallet hacking and loss of private keys. As a trader, it is your primary responsibility to secure your funds from losses arising from the mistakes we cover below.
Follow these tips to be safe.
The MetaMask Wallet
The MetaMask wallet is one of the most-used crypto wallets because of its simple interface and integration with hundreds of platforms. It’s a top target for hackers and users with malicious intent. While MetaMask operates a top-level security protocol on its platforms (mobile application and desktop extension), you can do your part to secure your MetaMask wallet.
What are the sources of security risks that your MetaMask wallet faces?
Sources of Security Risks
There are two significant sources of security risks to your MetaMask wallet:
Many things constitute personal errors in security breaches. These include using weak passwords, sharing common passwords known to others, giving others access to your passwords, exposing your private keys to third parties, clicking unknown links without verification.
Common mistakes also include using fake/cloned MetaMask apps (yes, they exist), locking, closing, or migrating your wallet without securing your seed phrase, leaving your MetaMask wallet open on your computer, sharing a laptop or public WiFi without appropriate security measures, etc.
The primary security risk here is connecting your app with smart contracts authorized to perform transactions from wallets without seeking approval from the owners. These malicious DeFi apps developers write codes that instruct the apps to perform permissionless transactions.
Some developers also write code that log the keystrokes of users. These programs are sent via seemingly harmless emails and websites. They are unseen and work by recording keystrokes and sending reports to the hacks. The hackers can then guess the correct password to access the wallet.
How to Secure Your MetaMask Wallet
You must be proactive about securing your wallet at all times. Remember that hackers can beat any security protocol.. Therefore, avoid unknown links, emails, and ads when surfing the internet. Here are a few tips to note.
Never Access Your MetaMask Wallet from a Shared Computer or Public Wi-Fi
Don’t let other people use your computer. Never use the MetaMask extension on any computer that is not solely yours. If you share your computer with a friend or relative, switch to the mobile wallet and close the computer extension. Avoid using public Wi-Fi to access sensitive data. Public Wi-Fi is prone to hacking incidents and may be easily compromised without your knowledge.
Secure Your Seed Phrase and Passwords
Always backup the seed phrases of your wallets. Copy your MetaMask seed phrase to a secure vault and remember never to reveal them to anyone. Use a tested password manager to secure your password and seed phrase. Do your research on the password manager before committing your keys there. Hackers may develop cloned password managers to gain unauthorized access.
Turn on Auto-Lock
The auto-lock feature automatically locks your wallet if there is no activity for a set time. You can select a comfortable timer and turn the auto-lock. That can help to keep your account safe from unauthorized access.
Clear Browsing History and Cookies
Regularly clean your browser’s cookies and history, especially after using the MetaMask wallet. If you have third-party apps that collect browsing data and cookies, try to know what data they collect from your browser. Sometimes, malicious apps can track your cookies and send private data to hackers.
Use Secured Hash Passwords
Use a password manager to generate secure hash passwords every time you use your MetaMask wallet. Password hashing evaluates the integrity of your passwords to determine possible security risks.
Always Disconnect Your Wallet After Use
Disconnect your MetaMask wallet from any linked platform after each session. Doing so prevents unauthorized use of your wallet by the media.
Always take security seriously. Never relent on keeping your MetaMask wallet safe. If you have any suspicion of compromise from your end, change your password and contact MetaMask customer service.